Apollo Global Management (APO) Q2 2026 Earnings Report

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Previous Report: Q1 2026

APO Q2 2026 EPS Results

Actual EPS$2.11

Consensus EPS$2.16

Beat/MissMissed by -$0.05

One Year Ago EPS$1.92

APO Q2 2026 Revenue Results

Actual Revenue$11.21B

Expected Revenue$5.65B

Beat/MissBeat by +$5.56B

YoY Revenue Growth+62.66%

Earnings Announcement Details

QuarterQ2 2026

Date08/04/2026

TimeBefore Open

Conference CallTuesday, August 4, 2026

APO Upcoming Earnings

Apollo Global Management's next earnings date is estimated for November 3, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

APO Q2 2026 Earnings Call

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Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Aug 04, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call emphasized strong, broad-based momentum across origination, fee-related and spread-related earnings, record capital formation, durable AUM growth and tangible operational progress (daily NAV, ICE IDs, market making). Management reiterated targets (20%+ FRE growth; 10% SRE growth) and provided concrete metrics (FRE +25% YoY, SRE +11% YoY, $74B origination, $60B inflows). Notable near-term challenges include lumpy monetizations/realizations, elevated retail redemptions (improving), ongoing investment-driven expense growth and competitive/regulatory pressures in the annuity market. On balance, the positive financial performance, pipeline strength, product innovation and maintained guidance materially outweigh the challenges mentioned.

Company Guidance

Apollo reiterated a confident 2026 outlook anchored in strong Q2 results and forward indicators: fee‑related earnings (FRE) reached a record $785M ($1.26/sh), up 25% YoY and 8% QoQ (management fees +23% YoY), spread‑related earnings (SRE) were $877M ($1.41/sh) and adjusted net income totaled $1.3B ($2.11/sh); capital solutions fees hit $277M (5th straight quarter >$200M) across 100+ transactions. Origination momentum remains high with $74B in Q2 ($150B 1H, ~$320B LTM), including $68B of debt (≈75% IG at avg BBB+, 25% sub‑IG at avg single B) producing excess spreads of ~280bps (IG) and ~440bps (sub‑IG) over Treasuries; $50B of signed/announced deals will benefit upcoming quarters (Broadcom $35B financing fees to be recognized as draws weighted to Q4 ’26 and 1H ’27). Capital formation was a record $60B in Q2 ($38B asset management, $22B Athene), AUM and fee‑generating AUM are +25% and +34% YoY, perpetual capital is 60% of AUM (70% of fee‑AUM), dry powder is $82B (incl. $62B future fee potential, ~70% credit, ~ $400M annual fee impact when deployed), AMAPS reached $25B, Fund XI >$12B, and Athene GIA grew to $414B with YTD inflows $42B (Q2 inflows $22B; retail $12B, flow reinsurance $4B) as Athene stays on pace for an $85B full‑year target. Management targets remain: 20%+ FRE growth for the year, ~100bps of FRE margin expansion for 2026 (FRE margin 58.5%, +80bps QoQ, +120bps YoY; YTD +90bps) and ~10% SRE growth for the full year assuming an 11% alternatives return; capital returns included ~$100M buybacks in Q2 and $1.6B returned over the last 12 months.

Record Fee-Related and Spread-Related Earnings

Fee-related earnings (FRE) reached a record $785 million ($1.26/share), up 25% year-over-year and 8% quarter-over-quarter. Spread-related earnings (SRE) were a record $877 million ($1.41/share), up 11% year-over-year (adjusted) and 5% quarter-over-quarter. Combined adjusted net income was $1.3 billion ($2.11/share).

Robust Origination and High-Grade Credit Engine

Origination totaled $74 billion in Q2 (nearly $150 billion H1 and ~ $320 billion over 12 months). Debt origination was ~75% investment-grade (average rating BBB+) and 25% sub-investment grade (single B). Investment-grade origination generated ~280 bps excess spread over treasuries (~200 bps vs comparable corporates); sub-IG generated ~440 bps over treasuries (~150 bps vs comparables).

Record Capital Formation and Athene Momentum

Total inflows were a record $60 billion (asset management $38 billion; Athene $22 billion). Athene gross invested assets grew 14% year-over-year to $414 billion with $42 billion inflows YTD and is on pace for the $85 billion full-year target.

Capital Solutions and ACS Strength

Capital Solutions fees reached a record $277 million (fifth consecutive quarter >$200M) driven by over 100 transactions. ACS distributed >$30 billion of syndication opportunities in H1 (up 50% vs full-year 2025), demonstrating expanding and durable fee streams.

AUM Growth and Fee Base Durability

AUM and fee-generating AUM increased 25% and 34% respectively. Perpetual capital represents 60% of total AUM and 70% of fee-generating AUM, supporting FRE durability. Dry powder stood at $82 billion, including $62 billion of future management fee potential (≈70% in credit) with an estimated $400 million of annual management fee income once deployed.

Operational Progress — Daily NAV, ICE IDs and Market Making

Estimated daily NAV went live for fixed income investment-grade products on 7/1, with daily pricing for all credit assets targeted by 10/1. ICE JV live with >2,000 ICE IDs; secondary trading volumes exceed $30 billion and continue to double, enhancing liquidity and potential new distribution channels.

Margin Expansion and Capital Returns

FRE margin rose to 58.5%, up ~80 bps sequentially and ~120 bps year-over-year. Fee-related expenses grew 19% YoY as Apollo invests in growth, and the firm repurchased ~$100 million of shares in the quarter (returned $1.6 billion to shareholders through dividends and buybacks over last 12 months).

Strong Investment Performance & Fundraising

PE Fund X generated a 21% net IRR vs 14% industry index for 2023 vintage. Major strategies in credit up 7%-11% over the last 12 months. Fund XI has surpassed $12 billion through July; ADS delivered an annualized 8% inception-to-date return vs 4% for the high-yield index.

APO Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 03, 2026	2026 (Q3)	2.24 / -	2.17	―
Aug 04, 2026	2026 (Q2)	2.16 / 2.11	1.92	9.90% (+0.19)
May 06, 2026	2026 (Q1)	1.89 / 1.94	1.82	6.59% (+0.12)
Feb 09, 2026	2025 (Q4)	2.04 / 2.47	2.22	11.26% (+0.25)
Nov 04, 2025	2025 (Q3)	1.90 / 2.17	1.85	17.30% (+0.32)
Aug 05, 2025	2025 (Q2)	1.84 / 1.92	1.64	17.07% (+0.28)
May 02, 2025	2025 (Q1)	1.84 / 1.82	1.72	5.81% (+0.10)
Feb 04, 2025	2024 (Q4)	1.89 / 2.22	1.91	16.23% (+0.31)
Nov 05, 2024	2024 (Q3)	1.73 / 1.85	1.71	8.19% (+0.14)
Aug 01, 2024	2024 (Q2)	1.76 / 1.64	1.7	-3.53% (-0.06)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed